Selfkey – Convenient Personal Data Storage on the Blockchain

The potential applications of blockchain technology have thrust the topic of data into the mainstream. How data is stored, distributed and how much control a person is over their own data are issues that are up for debate, but also up for a complete overhaul. Now, Selfkey is offering the chance for users to store their data in a secure location to use safely and instantly for a range of purposes.

Who Are Selfkey?

Selfkey have assembled a relatively large team compared to other startups, including KYC-chain founder Edmund Lowell. Their aim is to create a secure blockchain-network for digital identity verification. Once complete, a user would be able to apply for financial services, passports and cards from a single data storage area, while controlling when data is released, and how much of it. This would clamp down on the international data market, that is mostly controlled by large corporations who are able to access the wealth of “open” data that the average Internet user doesn’t know how to hide. This is one of the main benefits of blockchain technology, that is already being adopted at government level for enhanced national security.

A Big Hit

Selfkey ran a token sale; their KEY token will be used as the method of payment within the verification system. Customers would also be able to participate in other token sales through the platform, making verification easier and more secure. The token sale completely sold out in 11 minutes – yes, eleven – raising $21.7 million. Now, they move on the token distribution and platform development, as you can see in the graphic below.

Source – selfkey.org

Phase 1 of development will see a beta launch in mid-2018, with additional features set for 2019. It’s a long road ahead, but Selfkey have had the perfect start.